§ 7-6.1-4 — § 7-6.1-4. Definitions.

§ 7-6.1-4. Definitions.

In this chapter, the following words have the following meanings:

(1) "Board� means board of directors;

(2) "Bylaws� means the bylaws of a cooperative housing corporation as they exist from time to time;

(3) "Cooperative housing corporation� means a corporation organized or existing under this chapter;

(4) "Limited-equity cooperative housing corporation� means a cooperative housing corporation organized and operated primarily for the benefit of low- and moderate-income persons and whose equity, after allowance for maximum transfer value of its stock, is permanently dedicated to providing housing to persons of low or moderate income or to a charitable purpose;

(5) "Member� means a person who holds voting rights in a non-business cooperative housing corporation by virtue of a membership certificate issued by that corporation;

(6) "Non-business cooperative housing corporationâ€� means a limited-equity housing cooperative that, pursuant to § 7-6.1-5, elects to apply chapter 6 of this title to the corporation's operations. All other cooperative housing corporations are business cooperative housing corporations;

(7) "Proprietary lease� means an agreement between a cooperative housing corporation and its stockholders or members for occupancy of a dwelling unit owned by the cooperative housing corporation;

(8) "Stock� means shares of stock issued by a business cooperative housing corporation or membership certificates issued by a non-business cooperative housing corporation;

(9) "Transfer value� means the value that may be paid or received upon the sale or transfer of the stock of a cooperative housing corporation.

Legislative History

P.L. 1986, ch. 256, § 1; P.L. 1987, ch. 185, § 1.